Algorand (ALGO), a blockchain startup that makes use of Proof-of-Stakes is going to do a partnership with Monerium to issue e-money for supporting the Algorand protocol, as announced by both platforms.
Monerium, which received e-money license in June 2019 from Iceland, announced different Business 2 Business (B2B) e-money use cases. Among the use cases, includes cross border transaction of Euros. According to a press release, the company now supports e-money transactions out of European Union (EU), Iceland, Norway and Liechtenstein in different currencies including US Dollar (USD).
As tweeted by Monerium’s official Twitter account:
Monerium is pleased to announce partnership with @Algorand to support programmable & redeemable #emoney on Algorand protocol in 2020.https://t.co/9FaBSKKVSY#DeFi #FinTech #blockchain #FinTechNews #Algorand
— Monerium (@monerium) January 21, 2020
The company stated that through this partnership, Monerium will promote the mainstream adoption of e-money.
Reportedly, Algorand has gained a significant amount of money through investor interest last year. Moreover, In June 2019, the company accumulated more than $60 million in a token sale on CoinList, and in August, Bakkt Venture namely Investor 11 – 11 also provided the company with a $200 million capital fund focusing on Algorand protocol.
Besides Algorand 2.0 launched in November 2019, has brought a feature, Algorand Standard Asset (ASA). The feature includes the capability for the tokenization of any type of asset including both fungible assets like currencies and utility tokens, non-fungible assets such as tickets, restricted fungible assets like securities, and restricted non-fungible assets like licenses, and certifications. Among other features is Atomic Transfers focusing on the transfer of assets, and Algorand Smart Contracts (ASC1) which aims to create escrow accounts to crowdfunding.
In a statement, Sveinn Valfells, Co-founder and CEO of Monerium said Monerium looks at “supporting new blockchains with mainstream relevance as its priority”.
“Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus.” added Sveinn Valfells.
More so, echoing a similar concern, COO of Algorand also shared his views and said both firms coincide with their vision “for real-world use cases that are enabled by advanced blockchain technology.”